Directions: Please write a paper that is at least two to three pages in length in which you address the questions below. Write your paper in APA format with at least one cited scholarly reference. Review Kilian and Vigfussion’s article, Do oil prices help forecast US real GDP?, as a starting point for your academic research. Please utilize the LIRN library to help you get started with your research. You may visit the Academic Resource Center for a guide on how to utilize the LIRN library successfully.
Kilian, L., & Vigfusson, R. J. (2013). Do oil prices help forecast us real GDP? The role of nonlinearities and asymmetries. Journal of Business & Economic Statistics,31(1), 78-93 (http://www.federalreserve.gov/pubs/ifdp/2012/1050/default.htm).
1. Carefully read the article above and then research and identify the current levels of the real and nominal GDP, the unemployment rate, the inflation rate, and the key interest rate. Relate these variables to the current state of the economy. What is the forecast for these variables for the next one to two years? How has the economic recession of 2006 and beyond affected real GDP and nominal GDP? Which is impacted more in a recession and why? Be sure to validate your opinions with scholarly research. Utilize credible, academic search strategies to apply the concepts in this assignment.
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